{"@context":"http://iiif.io/api/presentation/3/context.json","id":"https://iastate.aviaryplatform.com/iiif/4m91834n7t/manifest","type":"Manifest","label":{"en":["Wisner, Robert N., The Future in Focus"]},"logo":"https://d9jk7wjtjpu5g.cloudfront.net/organizations/logo_images/000/000/004/original/ISULogo.png?1601681107","metadata":[{"label":{"en":["Publisher"]},"value":{"en":["Iowa State University. Special Collections and University Archives"]}},{"label":{"en":["Identifier"]},"value":{"en":["RS008-006-053 (call number)","AV203428 (UID)"]}},{"label":{"en":["Description"]},"value":{"en":["The Future in Focus is a November 1, 1984 event in the Iowa State University Lecture Series featuring Robert Wisner. Robert Wisner discusses factors that will affect future agricultural prices.","This item was captioned by Rev.com in conformance with WCAG 2.1 AA accessibility guidelines. 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Tribune.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=11.32,13.13"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/5","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So, I know that he is quoted quite frequently","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=13.13,16.324"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/6","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in terms of recommending, predicting","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=16.324,20.347"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/7","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the possible prices and so on,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=20.347,23.67"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/8","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for grain commodities particularly.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=23.67,26.2"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/9","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"He has his two first degrees from Michigan State University","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=26.2,29.422"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/10","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and his doctorate from Tennessee.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=29.422,32.06"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/11","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"He was employed at Iowa State,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=32.06,34.2"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/12","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"he's been employed at Iowa State University since 1967.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=34.2,38.15"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/13","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In the 1970s, he was on a soybean marketing team","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=38.15,42.1"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/14","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in Western Europe and Yugoslavia","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=42.1,44.0"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/15","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as a part of a USDA American soybean association","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=44.0,47.72"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/16","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"team effort to study the situation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=47.72,50.63"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/17","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In 1973, he had a senior position with the U.S.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=50.63,53.73"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/18","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Cost of Living Council in Washington, DC.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=53.73,56.543"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/19","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And in 1979, he was on a program in the United Kingdom","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=56.543,61.331"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/20","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"with the United Kingdom feed technologists","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=61.331,64.62"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/21","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to discuss grain and oil seeds.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=64.62,67.193"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/22","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Since 1980, he has been partly, I don't know entirely,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=68.29,72.9"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/23","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but partly employed by, in the task of preparing","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=72.9,77.9"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/24","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"an annual report on world food trade and U.S. agriculture.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=79.06,82.71"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/25","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The fourth annual edition, there have been four now.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=82.71,85.26"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/26","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The first one in 81, the second 82, et cetera.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=85.26,88.11"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/27","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And this is available, it was available to some of you","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=88.11,92.294"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/28","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by mid September.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=92.294,93.79"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/29","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So,when it came off the press,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=93.79,95.81"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/30","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"if you have not gotten one of these","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=95.81,97.35"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/31","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and would like to have it,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=97.35,98.67"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/32","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I'm sure there are copies out in the hall.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=98.67,102.18"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/33","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"He is employed as extension grain marketing","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=102.18,107.18"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/34","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and outlook economist at Iowa State University.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=107.8,110.57"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/35","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Dr. Wisner, we're pleased to look forward","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=110.57,112.45"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/36","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to what you are going to tell us about the future","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=112.45,114.54"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/37","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and focus from a realistic point of view.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=114.54,116.713"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/38","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e Thank you very much, Dr. Roderick.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=120.75,123.27"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/39","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I find the real challenge here this morning","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=123.27,125.69"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/40","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in following such a distinguished speakers","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=125.69,128.21"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/41","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that you've been listening to earlier.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=128.21,130.11"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/42","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"As I understand my assignment,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=131.23,132.77"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/43","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it's to put in perspective with some international","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=132.77,135.36"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/44","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"dimensions on the current situation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=135.36,138.8"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/45","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"facing agriculture and, and most importantly,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=138.8,141.68"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/46","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to share some thoughts with you on what's 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this,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=151.47,153.35"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/51","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in corn we've just come off from a record marketing year,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=153.35,157.55"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/52","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"average price.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=157.55,158.39"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/53","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That price was partly the result of the most aggressive","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=158.39,163.13"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/54","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"acreage idling farm program that we've had in the history","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=163.13,165.9"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/55","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of this nation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=165.9,166.853"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/56","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Despite that financial problems in agriculture","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=168.09,170.833"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/57","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"appear to have worsened.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=170.833,172.75"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/58","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We have lost about one fourth of our export market for corn","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=172.75,176.337"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/59","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and soybeans in the last three years.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=176.337,178.703"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/60","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And along with that,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=179.64,181.38"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/61","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we have some very critical food shortage problems in Africa.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=181.38,186.38"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/62","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now putting all that together,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=186.65,188.763"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/63","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the picture that we're seeing right now is,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=188.763,191.62"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/64","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"number one that current farm prices","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=191.62,194.3"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/65","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"are inadequate to cover all of the various costs","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=194.3,198.487"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/66","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that farmers are facing in their production operations,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=198.487,201.86"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/67","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"particularly those that are heavily indebted.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=201.86,204.85"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/68","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the other side of that is that","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=204.85,207.71"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/69","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"current prices are too high to allow our products","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=207.71,211.64"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/70","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to be competitive in world markets.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=211.64,214.104"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/71","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So, we're in a real dilemma there.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=214.104,217.08"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/72","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Part of that dilemma is as a result of some monetary","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=217.08,221.13"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/73","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and fiscal policies in this country","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=221.13,222.71"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/74","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that are contributing to a very strong U.S. dollar.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=222.71,225.86"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/75","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I heard a question raised earlier this morning,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=225.86,227.987"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/76","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"Can we devalue that dollar?\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=227.987,229.79"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/77","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We did at once, in fact,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=229.79,231.39"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/78","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a couple of times in the early 1970s.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=231.39,234.11"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/79","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, we have a different situation entirely this time","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=234.11,238.39"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/80","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in world currency and exchange rate markets.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=238.39,241.91"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/81","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Back in the early 1970s, we had the dollar tied to gold.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=241.91,246.67"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/82","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So, we were able to devalue the dollar","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=246.67,248.6"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/83","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by untying that linkage.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=248.6,250.246"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/84","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The dollar now is, you know,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=250.246,253.93"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/85","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"floating exchange rate, it's market determined.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=253.93,256.33"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/86","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The reason that a dollar is so high,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=256.33,257.88"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/87","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is it foreign investors like our high real interest rates","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=257.88,261.73"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/88","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in this country,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=261.73,262.563"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/89","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which are several percentage points higher","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=262.563,264.39"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/90","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"than Europe and Japan,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=264.39,266.04"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/91","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the dollars are flowing into the U.S.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=266.04,267.999"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/92","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to earn those real interest rates.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=267.999,270.547"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/93","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And it seems to me that until we get at the deficit problem,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=270.547,274.46"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/94","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as previous speakers have mentioned,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=274.46,276.607"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/95","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"there's probably not going to be any major lasting relief","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=276.607,280.87"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/96","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"from that strong dollar.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=280.87,283.01"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/97","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, the strong dollar has several negative dimensions,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=283.01,286.76"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/98","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"some of which were mentioned this morning,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=286.76,288.577"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/99","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and some of which were not.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=288.577,290.047"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/100","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It does have one positive dimension","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=290.047,292.39"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/101","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for the rest of the world.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=292.39,293.91"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/102","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I'll mention the positive dimension first,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=293.91,296.7"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/103","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"strong dollar means that imports","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=296.7,298.5"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/104","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"into the United States are relatively inexpensive.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=298.5,302.9"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/105","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And as you relate that back to developing countries,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=302.9,306.28"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/106","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that means that it is opening up some markets","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=306.28,308.64"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/107","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"here in the U.S. that might be very difficult","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=308.64,310.67"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/108","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for those countries to tap into otherwise.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=310.67,313.26"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/109","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So, it is helping to regenerate some demand","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=313.26,316.96"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/110","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in some of the developing nations.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=316.96,318.647"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/111","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And in that way, it does have a positive impact","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=318.647,321.57"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/112","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on the global debt problem.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=321.57,323.53"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/113","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I'm not sure that it offsets the high real interest costs,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=323.53,326.378"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/114","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at least not fully.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=326.378,328.34"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/115","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The negative dimensions come partly from","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=328.34,331.583"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/116","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the high cost of our products overseas.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=331.583,334.314"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/117","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And to give you an illustration of that,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=334.314,336.443"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/118","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the case of soybeans, we're looking at $6 per 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currencies","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=350.88,354.13"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/123","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"into dollars, those prices look more like eight","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=354.13,357.52"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/124","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to $11 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crops.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=373.09,375.263"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/131","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"With the drop in total exports the last few years,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=376.73,381.11"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/132","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"there has been a concerted government 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program.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=388.38,390.68"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/135","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Historically up until three years ago,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=390.68,393.189"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/136","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"only a few percentage points of our total agricultural","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=393.189,395.924"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/137","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"exports were financed through government programs,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=395.924,398.89"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/138","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"primarily through the PL-480 program","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=398.89,400.98"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/139","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that started back in the, in 1954.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=400.98,404.28"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/140","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But in the last three years,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=404.28,406.14"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/141","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"those government export financing programs","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=406.14,408.97"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/142","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"have been stepped up aggressively","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=408.97,411.45"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/143","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to the point where about 20% of our total exports,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=411.45,414.6"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/144","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"about $1 out of five of our AG exports","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=414.6,417.417"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/145","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is government financed.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=417.417,419.57"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/146","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And that still hasn't reversed the 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there","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=423.45,425.85"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/149","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the international dimensions, partly,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=425.85,428.52"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/150","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but not entirely coming from the strong dollar.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=428.52,431.563"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/151","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The picture that I get in reviewing what's happening","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=432.552,436.57"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/152","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the world scene,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=436.57,437.87"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/153","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"what's happening in our financial markets here,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=437.87,440.94"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/154","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the exchange rates, suggest to me","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=440.94,443.57"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/155","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that the next two or three years","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=443.57,446.09"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/156","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"are going to be very difficult,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=446.09,448.13"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/157","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for agriculture from a market environment standpoint,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=448.13,451.523"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/158","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it's hard to see very much light at the end of the tunnel,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=452.55,456.14"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/159","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at least in that two or three year period.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=456.14,458.191"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/160","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Some people are saying they think they see","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=458.191,461.86"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/161","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a glimmer of light down there, but they're not sure,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=461.86,464.03"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/162","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but it might be an oncoming locomotive.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=464.03,466.837"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/163","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, there are some things a little further down the road,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=466.837,470.973"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/164","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the three to five-year perspective.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=472.39,474.26"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/165","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And beyond I think can cause us to be","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=474.26,476.82"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/166","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"somewhat more optimistic about agriculture.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=476.82,480.01"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/167","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And also, my personal impression is that","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=480.01,484.634"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/168","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"regardless of who is elected that the,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=484.634,489.48"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/169","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"after the first of the year,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=489.48,490.84"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/170","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"there's going to be high priority given","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=490.84,492.733"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/171","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to tackling that deficit in one way or another.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=492.733,496.16"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/172","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's unlikely that we'll solve that problem overnight.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=496.16,498.724"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/173","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I am hearing from our contacts in Washington DC,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=498.724,502.45"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/174","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that the present administration has been looking","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=502.45,504.36"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/175","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at a number of tax alternatives,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=504.36,507.51"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/176","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"including restructuring the tax system.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=507.51,510.86"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/177","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There has been talk of a federal sales tax,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=510.86,513.21"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/178","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a value added tax, such as Western Europe has had","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=513.21,516.34"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/179","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for a number of years.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=516.34,517.562"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/180","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And to me that suggests that there is concern","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=517.562,520.48"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/181","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"behind the scenes in Washington","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=520.48,522.04"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/182","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"with dealing with that problem.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=522.04,524.31"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/183","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And as there are some efforts made","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=524.31,526.78"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/184","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"after the first of the year,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=526.78,528.038"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/185","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"this may eventually set the stage for some relief","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=528.038,531.04"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/186","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"from that strong dollar and the high interest rates.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=531.04,534.808"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/187","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Charlotte, if we could have the first slide.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=534.808,537.59"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/188","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I'd like to push the bar,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=537.59,540.23"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/189","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the orange bar there in front.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=540.23,541.73"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/190","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"To give you some historical perspective.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=544.82,546.624"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/191","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"This is not the first time that U.S. agriculture","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=546.624,551.27"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/192","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"has been through problems of this sort.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=551.27,554.36"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/193","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We have on the chart here, Chicago annual ranges","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=554.36,558.62"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/194","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of cash corn prices,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=558.62,560.64"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/195","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the high and the low price for the year since 1900.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=560.64,564.13"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/196","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And you can see that we'd been in a period","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=564.13,565.65"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/197","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of volatile prices several times during this century,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=565.65,569.43"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/198","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you can see the 1890 period,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=569.43,574.32"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/199","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which is at the far left of the chart,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=574.32,576.93"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/200","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we had a period of strong prices","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=576.93,579.21"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/201","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and followed by a collapse in the corn market.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=579.21,582.01"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/202","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We had a high and volatile price for corn in the teens.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=582.01,586.701"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/203","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And of course, again, in the late forties and early fifties,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=586.701,590.24"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/204","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the one difference between the most recent period","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=590.24,593.38"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/205","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and those earlier ones is that it has gone on much longer.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=593.38,597.948"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/206","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We've had 11 years now, those high and volatile prices,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=597.948,602.329"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/207","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the late forties, early fifties,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=602.329,604.32"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/208","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we had only a seven year period before we moved out of that.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=604.32,607.657"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/209","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There are some similarities.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=607.657,610.29"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/210","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Those earlier periods generally were related to","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=610.29,612.687"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/211","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"strong export demand, war related,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=612.687,615.952"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/212","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"whereas the most recent period was not directly","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=615.952,620.01"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/213","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"related to a wartime demand.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=620.01,622.64"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/214","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You can see what has followed.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=622.64,624.14"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/215","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I think the critical question for agriculture is","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=624.14,626.43"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/216","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"whether we're coming out of this current period","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=626.43,630.08"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/217","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and whether we're likely to,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=630.08,631.008"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/218","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to follow the similar path that we've had","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=631.008,636.008"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/219","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in previous periods after high and volatile prices?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=636.749,640.486"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/220","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There are a lot of unknowns there.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=640.486,642.16"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/221","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I think our monetary and fiscal policy","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=642.16,643.9"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/222","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"will have a great deal to do with","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=643.9,646.0"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/223","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the exact trend of prices as we come out of this period.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=646.0,649.01"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/224","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But it does appear that there are some deflationary","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=649.01,651.55"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/225","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"pressures there working into the market.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=651.55,654.113"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/226","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I'd like to look also at what's happening","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=655.07,657.091"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/227","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in our domestic situation in agriculture,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=657.091,660.27"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/228","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"just some broad, general trends","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=660.27,662.51"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/229","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that relate both to grain and livestock","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=662.51,664.8"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/230","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"with the next chart,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=664.8,666.56"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/231","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"if we could have that.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=666.56,667.66"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/232","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We have here to look at, per capita consumption of poultry,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=672.005,677.005"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/233","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"pork and beef since the mid 1950s.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=677.13,680.98"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/234","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And this has considerable impact on cash grain producers.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=680.98,684.5"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/235","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You can see that in the last few years,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=684.5,686.7"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/236","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we have had a distinct decline,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=686.7,688.89"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/237","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a fairly sharp decline in per capita beef consumption.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=688.89,691.596"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/238","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We're not quite sure what all is behind that decline.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=691.596,695.68"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/239","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There may be some health concerns.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=695.68,697.158"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/240","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We suspect that economics is a fairly important","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=697.158,701.01"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/241","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"factor there.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=701.01,702.88"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/242","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Those high interest rates are having a negative impact","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=702.88,705.456"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/243","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on consumer finances and housing,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=705.456,708.58"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/244","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"high energy costs have been involved.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=708.58,710.907"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/245","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And some other things that are competing","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=710.907,712.82"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/246","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in that consumer budget with meat.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=712.82,715.383"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/247","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Another factor here is what's been happening in,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=717.91,722.91"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/248","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in labor input per unit of meat output.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=723.05,726.56"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/249","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I saw a chart last week showing what's happened","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=726.56,729.07"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/250","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"since the 1930s,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=729.07,730.347"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/251","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and we've had a very dramatic decline","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=730.347,732.68"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/252","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in labor requirements per unit of output","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=732.68,735.19"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/253","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in broiler production.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=735.19,736.372"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/254","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I suspect that that has been a factor","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=736.372,739.12"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/255","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"causing broiler prices to increase over time,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=739.12,743.02"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/256","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"less than the other red meats.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=743.02,746.213"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/257","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, you can see the upward trend in broiler production.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=746.213,749.837"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/258","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"One of the things this does for cash grain producers","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=749.837,752.67"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/259","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is to somewhat shrink the domestic demand for grain,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=752.67,757.03"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/260","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"even though per capita meat consumption,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=757.03,759.2"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/261","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"total meat consumption,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=759.2,760.45"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/262","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"may be holding fairly constant or even increasing slightly.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=760.45,763.733"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/263","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Broilers can be produced with fewer pounds of grain","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=763.733,768.43"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/264","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"per pound of meat than either pork or beef.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=768.43,771.87"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/265","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And so that's one of the impacts that comes back","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=771.87,774.76"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/266","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and it's stabilizing domestic demand for grain.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=774.76,777.903"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/267","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"What's ahead for the next several years,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=778.94,780.96"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/268","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I would expect the same long-term pattern of consumption","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=780.96,785.96"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/269","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of poultry versus other meats to continue.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=786.09,788.63"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/270","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Poultry industry has been working very aggressively","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=788.63,791.06"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/271","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in developing new products that will fit the fast food","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=791.06,795.96"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/272","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"establishments that will provide reasonably easy to cook","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=795.96,800.96"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/273","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"types of products for the consumer.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=802.94,804.943"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/274","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, if we take a look on the, in other words,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=806.31,809.5"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/275","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the general picture I'm getting here is","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=809.5,811.4"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/276","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a relatively static domestic demand for grain","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=811.4,814.47"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/277","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and in livestock feeding.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=814.47,815.69"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/278","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That is our biggest market for corn,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=815.69,818.39"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/279","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"currently we feed about twice as much corn as we export.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=818.39,822.335"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/280","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And we don't see very much growth potential","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=822.335,824.67"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/281","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"ahead in that market.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=824.67,825.59"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/282","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"On top of that, we have a slow growth of population.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=825.59,829.36"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/283","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If you look at the developing,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=829.36,831.54"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/284","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or the developed market economies as a group","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=831.54,834.61"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/285","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"population growth in the early 1960s","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=834.61,837.418"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/286","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"was one and three quarters percent a year.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=837.418,840.73"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/287","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And by the end of the 1970s that had slipped","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=840.73,843.52"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/288","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to half a percent per year, population growth.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=843.52,847.317"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/289","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The U.S. population trends have followed that same pattern.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=847.317,851.393"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/290","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There is one area where we are seeing some growth","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=853.62,856.462"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/291","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in domestic markets, and that is in processing demand.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=856.462,860.31"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/292","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We have some government policies in the sugar industry,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=860.31,864.174"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/293","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"plus the technological development","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=864.174,866.67"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/294","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that have encouraged rapid development of,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=866.67,869.75"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/295","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and acceptance and use of high fructose corn sweeteners","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=869.75,872.97"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/296","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as a sugar replacement.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=872.97,875.03"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/297","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We've had rapid growth there.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=875.03,876.76"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/298","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We've had some growth in the alcohol fuels industry.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=876.76,879.63"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/299","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We'll have a one cent greater tax benefit","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=879.63,884.4"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/300","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in our motor fuel tax.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=884.4,885.63"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/301","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Our federal motor fuel tax come January one,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=885.63,888.912"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/302","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"than what we've had recently,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=888.912,890.67"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/303","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and that should provide some additional incentive","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=890.67,893.52"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/304","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for alcohol fuels production.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=893.52,895.34"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/305","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Those are some growth areas that are not a tremendously","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=895.34,897.61"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/306","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"big market, but they probably will be trending up","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=897.61,899.72"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/307","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the years ahead.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=899.72,900.733"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/308","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I'd like to look next at what's happening","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=901.77,904.55"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/309","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on the production side, in terms of production efficiency,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=904.55,909.55"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/310","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a longterm look there at the Iowa average corn yield.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=909.81,914.673"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/311","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That seems to be about as good as we can focus","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=915.94,918.06"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/312","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the projectors.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=918.06,918.893"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/313","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I hope you can read that chart.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=918.893,921.79"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/314","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If you notice--","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=921.79,922.923"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/315","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e I want people to be able to see it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=922.923,925.813"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/316","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e You'll notice our regression equation there,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=926.782,929.29"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/317","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which reflects the long-term trend in yields since 1950.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=929.29,934.29"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/318","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I'll call your attention to the 2.04 times X","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=935.55,940.55"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/319","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that tells us that the longterm upward yield trend","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=940.88,945.14"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/320","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is just over two bushels per year in Iowa.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=945.14,948.856"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/321","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now there's some question of whether we're deviating","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=948.856,951.8"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/322","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"from that trend, and have deviated in the last few years,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=951.8,954.99"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/323","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"my thinking would be that growth rate probably","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=954.99,957.83"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/324","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"has slowed down, but it's going to continue","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=957.83,960.27"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/325","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to some extent for the next several years.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=960.27,964.39"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/326","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Also, I circled several yield levels on the chart","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=964.39,968.077"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/327","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that illustrate to you the amount of yield variability","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=968.077,971.81"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/328","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and weather variability that's been present in the 1970s","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=971.81,974.69"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/329","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and early 1980s, contrast that with the yields,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=974.69,978.93"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/330","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"very close to the trend line back in the late fifties","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=978.93,982.86"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/331","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and sixties.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=982.86,983.82"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/332","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And to me that suggests that weather probably","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=983.82,986.52"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/333","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"has become somewhat more variable in recent years.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=986.52,989.753"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/334","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We'll see those same kinds of patterns showing up","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=989.753,993.56"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/335","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as we look at some yields for three or four","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=993.56,995.75"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/336","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"other important areas.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=995.75,997.482"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/337","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That yield variability has contributed a great deal","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=997.482,1001.01"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/338","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to price variability in grain markets.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1001.01,1003.156"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/339","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If we could have the next chart.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1003.156,1005.1"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/340","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It shows you what's been happening to U.S. corn yields.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1005.1,1009.683"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/341","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"A similar pattern to Iowa,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1010.526,1012.64"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/342","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the annual yield increase has been just slightly higher","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1012.64,1015.88"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/343","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at the national level than it has here in Iowa","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1015.88,1018.28"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/344","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for some reason, but other than that,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1018.28,1020.5"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/345","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the pattern is very similar.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1020.5,1022.05"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/346","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And next to look at the soybean yield here in Iowa,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1022.05,1024.883"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/347","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you can see there too, we've had an upward trend.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1026.46,1029.113"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/348","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It appears to me that that upward trend is still intact.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1031.01,1035.38"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/349","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Although we have had more variability from year to year","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1035.38,1038.93"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/350","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in recent times than in the past.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1038.93,1041.81"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/351","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So, putting those two charts together,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1041.81,1044.632"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/352","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the corn yield, soybean yield suggests to me","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1044.632,1047.87"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/353","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that our productive capacity in agriculture","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1047.87,1050.4"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/354","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is likely to continue to work up","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1050.4,1052.199"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/355","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at a time when we're facing a static","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1052.199,1054.98"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/356","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to actually declining demand.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1054.98,1057.032"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/357","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, at the present time,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1057.032,1058.66"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/358","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we have excess production capacity nationwide in corn,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1058.66,1062.22"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/359","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"something like 12 to 14%.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1062.22,1064.233"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/360","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And probably seven to 9% in soybeans.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1065.33,1068.718"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/361","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And somewhere close to that range for wheat.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1068.718,1071.71"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/362","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now those are not extremely large excess production","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1071.71,1074.65"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/363","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"capacity levels, but keep in mind,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1074.65,1076.88"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/364","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that's at current prices.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1076.88,1078.64"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/365","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If the price goes up, we'll do two things.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1078.64,1081.56"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/366","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We'll tend to shrink 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now","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1095.052,1097.86"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/373","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to what's been happening on the international scene.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1097.86,1101.353"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/374","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And first to look at corn exports","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1104.36,1108.16"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/375","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"since the turn of the century, just to,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1108.16,1110.082"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/376","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"just to give you some historical perspective,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1110.082,1112.85"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/377","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we have had a great deal of volatility in corn exports","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1112.85,1116.79"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/378","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in times past, you can see, for example, in the 1910s,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1116.79,1120.84"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/379","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we had something like 175 million bushels of corn exports","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1120.84,1125.84"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/380","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in that World War One","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1126.31,1128.16"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/381","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and immediately post World War One period,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1128.16,1130.64"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/382","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and then dropping very sharply.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1130.64,1132.94"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/383","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And that corresponds with the decline in the corn","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1132.94,1137.5"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/384","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"prices that you saw on an earlier chart.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1137.5,1140.48"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/385","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The volatility in grain exports is not entirely new","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1140.48,1144.38"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/386","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in other words.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1144.38,1145.213"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/387","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Then if we could look at the next chart,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1145.213,1147.423"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/388","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"here's our corn exports by destination","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1149.495,1152.72"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/389","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"since the early 1960s.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1152.72,1154.793"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/390","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I'll call your attention to the top of that chart","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1155.82,1159.664"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/391","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that we are down about 24% from our peak level","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1159.664,1163.27"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/392","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of exports was in, which was in 1980, 81.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1163.27,1166.32"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/393","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the 1983, 84 data are not available yet,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1166.32,1171.32"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/394","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but the total exports for this marketing year","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1171.79,1175.54"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/395","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we've just finished, will be just about the same","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1175.54,1177.82"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/396","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as the year before down,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1177.82,1179.085"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/397","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"roughly one fourth from the peak.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1179.085,1181.359"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/398","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The red area is our corn exports.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1181.359,1183.52"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/399","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The Soviet Union, it's an important market,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1183.52,1186.18"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/400","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but by no means the most important.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1186.18,1189.41"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/401","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You can see that one has been highly volatile.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1189.41,1192.01"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/402","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Soviet Union has had major crop problems this year,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1192.01,1195.01"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/403","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and we anticipate substantial growth in that market","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1195.01,1197.735"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/404","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the year ahead, but probably in a foreseeable future,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1197.735,1201.8"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/405","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it will continue to vary substantially from year to year.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1201.8,1205.339"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/406","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"As you look at the lower portion of the chart,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1205.339,1208.15"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/407","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you can see exports to Western hemisphere countries.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1208.15,1210.957"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/408","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Mexico is a major part of that market.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1210.957,1213.491"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/409","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You can see that it has declined some from the peak.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1213.491,1217.44"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/410","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Mexico is making inroads on its financial problems.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1217.44,1220.8"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/411","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There is hope that it will gradually recover","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1220.8,1224.32"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/412","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"from those difficulties,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1224.32,1225.372"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/413","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but it still is faced with pressure to limit imports.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1225.372,1229.937"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/414","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Its crops are somewhat better this year than last year.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1229.937,1234.66"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/415","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The indication that we're getting from Mexico","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1234.66,1236.28"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/416","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"are that that market will shrink a little bit","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1236.28,1238.44"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/417","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the year ahead.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1238.44,1239.403"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/418","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Four, or five, six years down the road,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1241.35,1243.156"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/419","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as Mexico begins to recover from its debt burdens.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1243.156,1247.122"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/420","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I think we can anticipate fairly significant growth","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1247.122,1250.44"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/421","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in that area.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1250.44,1251.7"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/422","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Second group of countries up from the bottom","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1251.7,1255.4"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/423","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is the European Community.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1255.4,1256.92"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/424","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And note, that market has just shrunk drastically.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1256.92,1259.923"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/425","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Six or seven years ago it was our biggest","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1261.04,1262.89"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/426","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"overseas market for corn this year,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1262.89,1266.49"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/427","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which is not shown on the chart,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1266.49,1267.862"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/428","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"European Community for this first time","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1267.862,1270.76"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/429","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"will be a net corse grain exporter.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1270.76,1274.24"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/430","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That means it has come full circle","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1274.24,1277.28"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/431","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"from being our biggest overseas market just a few years ago,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1277.28,1280.845"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/432","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to being a major competitor in world feed grain markets.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1280.845,1285.695"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/433","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We'll take a look in a moment at what's behind that trend.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1285.695,1290.32"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/434","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The next group of countries up,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1290.32,1292.773"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/435","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"still a relatively healthy market.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1293.69,1296.2"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/436","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And then the last upward blue arrow there","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1296.2,1300.29"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/437","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"points to the East European markets.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1300.29,1302.51"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/438","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You can see that as an area that has shrunk dramatically.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1302.51,1306.13"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/439","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The problem there is primarily debt burdens,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1306.13,1308.74"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/440","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which have slowed economic growth,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1308.74,1310.36"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/441","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"inability to obtain new credit, to buy grain.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1310.36,1313.49"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/442","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And we don't see a great deal of relief in that area,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1313.49,1316.03"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/443","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the near future.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1316.03,1317.66"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/444","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"As you move on up to the rest of the chart","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1317.66,1320.29"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/445","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"from the Soviet Union on up,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1320.29,1322.11"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/446","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"most of those markets appear to be reasonably healthy","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1322.11,1325.44"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/447","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and probably will continue to grow","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1325.44,1326.81"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/448","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"over the next several years with one exception.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1326.81,1329.95"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/449","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And that exception is the People's Republic of China.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1329.95,1334.063"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/450","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That's, let's see.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1334.95,1337.283"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/451","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"This area right here.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1340.4,1341.653"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/452","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And we'll take a look in a 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China.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1346.58,1348.29"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/455","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There've been dramatic strides there in grain production","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1348.29,1351.37"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/456","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to the point where the People's Republic,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1351.37,1354.2"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/457","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"this fall for the first time in many years","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1354.2,1356.699"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/458","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"has been selling corn and soybeans to a number of countries.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1356.699,1360.5"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/459","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now this may be a somewhat temporary situation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1360.5,1365.23"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/460","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the quantities involved are not large,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1365.23,1367.17"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/461","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but it suggests to us that the grain supplies","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1367.17,1371.33"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/462","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"have improved considerably in adequacy 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chart,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1379.513,1382.62"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/465","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"what I would like to focus your attention on now","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1382.62,1385.12"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/466","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is three or four major 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trends","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1391.84,1395.07"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/469","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in these three or four areas.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1395.07,1396.28"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/470","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Keep in mind the areas we're going to be looking at","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1396.28,1398.82"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/471","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"are European Community, China and India.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1398.82,1402.023"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/472","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Those three areas account for nearly half","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1402.98,1405.71"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/473","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the world's population.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1405.71,1407.437"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/474","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The European Community notice first,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1407.437,1410.47"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/475","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the dashed line across the bottom of that chart","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1410.47,1413.13"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/476","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"shows a relatively static domestic consumption of grain.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1413.98,1417.771"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/477","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It reflects a very slow population growth,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1417.771,1420.983"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/478","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a mature economy that has not been growing very rapidly.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1421.83,1425.21"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/479","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It has been restrained partly in recent years","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1425.21,1427.76"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/480","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by the strong U.S. dollar","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1427.76,1429.72"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/481","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the need for high interest rates in those economies","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1429.72,1433.8"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/482","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to be defensive, defending their exchange rates","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1433.8,1436.79"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/483","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"against further upward pressure of the dollar.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1436.79,1441.79"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/484","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And then as you look at the production trend,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1441.79,1444.13"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/485","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you can see that has increased fairly dramatically","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1444.13,1446.66"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/486","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in recent 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introduction","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1467.38,1469.38"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/495","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of high yielding hybrid wheats.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1469.38,1471.806"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/496","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We're seeing, for example,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1471.806,1473.43"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/497","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"an average wheat you'll this year in France,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1473.43,1475.62"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/498","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of about 95 bushels per acre.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1475.62,1477.724"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/499","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Compare that with about a 38 bushel average for the U.S.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1477.724,1482.54"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/500","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Moisture conditions are more 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U.S.,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1486.771,1489.96"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/503","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but those high yielding wheat varieties","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1489.96,1492.21"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/504","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"have come in very rapidly.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1492.21,1493.777"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/505","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They're being grown to a large extent for feed purposes,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1493.777,1497.066"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/506","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"both for export and domestic use,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1497.066,1500.44"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/507","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and they're competing with U.S. corn.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1500.44,1502.95"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/508","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And that has given us a technological upward shift","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1502.95,1506.893"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/509","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in production.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1506.893,1508.39"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/510","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I think we're probably approaching the full impact","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1508.39,1512.61"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/511","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"from that upward shift.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1512.61,1513.83"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/512","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And as we look over the next several years,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1513.83,1515.96"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/513","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I would expect production growth to be somewhat slower","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1515.96,1519.04"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/514","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"there than it has been in the recent past.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1519.04,1522.64"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/515","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So, that tells us, longer term,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1522.64,1525.98"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/516","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we may see some relief from competition","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1525.98,1528.0"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/517","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"from the European Community.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1528.0,1529.56"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/518","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Near term, the competition is being intensified","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1529.56,1532.544"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/519","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by the strong dollar.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1532.544,1534.28"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/520","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The strong dollar has pulled our wheat and corn prices up","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1534.28,1539.25"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/521","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to the point where the European Community","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1539.25,1540.94"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/522","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"can export with almost no subsidy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1540.94,1543.83"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/523","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Three or 4 cents a bushel is the subsidy rate","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1543.83,1545.98"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/524","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they've been using recently.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1545.98,1547.38"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/525","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Three years ago, they were subsidizing wheat by $2 a bushel","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1548.25,1551.42"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/526","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to move it into world markets.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1551.42,1552.953"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/527","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Okay, if we could have the next slide?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1554.02,1556.523"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/528","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Here's a look at what's been happening in China.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1559.03,1562.19"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/529","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You'll notice the green line is production,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1562.19,1567.19"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/530","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and you'll notice that there has been a significant upward","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1569.15,1571.93"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/531","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"trend in recent years.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1571.93,1573.09"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/532","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You'll notice also that consumption","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1573.09,1575.33"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/533","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"has been trending upward,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1575.33,1576.62"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/534","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but looking at those blue arrows,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1576.62,1578.58"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/535","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you can see the gap between consumption and production","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1578.58,1581.99"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/536","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"has narrowed considerably.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1581.99,1584.66"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/537","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"China is still an importer of wheat,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1584.66,1587.13"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/538","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"even though it is selling small quantities of corn","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1587.13,1589.177"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/539","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and soybeans this year.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1589.177,1590.929"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/540","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"What's behind that upward trend?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1590.929,1594.34"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/541","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"China in the late 1970s provided some reforms","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1594.34,1598.92"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/542","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to their agricultural system with some economic incentives","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1598.92,1601.64"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/543","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to farm workers.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1601.64,1602.556"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/544","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They aggressively moved into production","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1602.556,1605.18"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/545","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of new fertilizer plants and the increased use","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1605.18,1607.72"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/546","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of fertilizer, increased varieties","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1607.72,1609.641"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/547","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and appears that is having significant effect.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1609.641,1612.854"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/548","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the demand growth has been somewhat restrained","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1612.854,1617.6"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/549","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by priorities given to industrial development in China.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1617.6,1622.313"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/550","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I would expect those trends to 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production,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1629.05,1632.159"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/553","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"looking at corn yields in China","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1632.159,1633.954"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/554","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"averaging about half as large as they are here in the U.S.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1633.954,1637.41"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/555","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So, that suggests to me that probably we should not consider","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1637.41,1641.43"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/556","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"China as a major growth market in the next few years,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1641.43,1644.61"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/557","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"longer term as its industrial economy develops","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1644.61,1647.565"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/558","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it could be significant growth down the road in that market.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1647.565,1652.2"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/559","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And then lastly, I'll look at India","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1652.2,1656.2"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/560","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as an area that has made a substantial growth","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1657.71,1661.44"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/561","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in production in the last several years.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1661.44,1663.931"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/562","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the news headlines this morning are just a reminder","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1663.931,1667.49"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/563","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to us of how the political stability","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1667.49,1670.85"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/564","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in various developing countries","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1670.85,1672.84"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/565","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is a very delicate situation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1672.84,1674.496"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/566","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It seems to me that what's happening there politically","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1674.496,1676.695"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/567","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"has a very important bearing on Indian agriculture","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1676.695,1680.82"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/568","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"over the years immediately ahead.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1680.82,1683.47"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/569","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You can see the trend there.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1683.47,1685.57"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/570","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You can see the blue line representing","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1685.57,1687.82"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/571","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"total Indian utilization of grain,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1687.82,1690.07"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/572","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the dashed line representing production.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1690.07,1692.17"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/573","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You can see that the gap between production and utilization","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1692.17,1695.3"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/574","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"has been filled in the last few years.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1695.3,1698.07"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/575","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In fact, India, this year","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1698.07,1699.96"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/576","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is selling small quantities of grain.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1699.96,1702.493"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/577","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Again, some of the same developments have occurred","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1704.2,1706.98"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/578","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in India that we've seen in China,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1706.98,1708.82"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/579","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in terms of acceptance and utilization of new technology","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1708.82,1712.44"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/580","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that has pushed up that yield level up","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1712.44,1716.16"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/581","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"significantly in recent years.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1716.16,1718.272"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/582","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"India historically has not been a major importer","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1718.272,1722.93"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/583","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of products from Iowa farms","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1722.93,1725.01"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/584","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that primarily when they do import it would be food grains,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1725.01,1729.49"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/585","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but that has an impact on corn and soybean markets,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1729.49,1732.626"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/586","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because of the fact that outside the U.S. every year,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1732.626,1736.63"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/587","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a substantial amount of wheat is feed.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1736.63,1739.266"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/588","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So, if Indian wheat requirements increase,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1739.266,1742.194"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/589","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it pulls some of that wheat supply out of the","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1742.194,1744.884"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/590","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"feed grain market.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1744.884,1746.72"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/591","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If Indian wheat import requirements decline,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1746.72,1751.46"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/592","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"more wheat is available worldwide to be fed,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1751.46,1753.72"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/593","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to compete with U.S. corn.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1753.72,1755.303"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/594","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Okay, the next chart is looking at an area","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1756.56,1759.59"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/595","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that has not had very good success in increasing yields.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1759.59,1763.57"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/596","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"This is the Soviet Union.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1763.57,1765.37"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/597","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Obviously a very critical market","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1765.37,1767.5"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/598","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for the future of Iowa farmers.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1767.5,1770.72"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/599","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The black line shows you the variability","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1770.72,1773.92"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/600","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the Soviet Union's grain production through the 1970s.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1773.92,1778.55"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/601","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And you can see that this year's production","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1778.55,1782.42"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/602","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is well below the record,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1782.42,1784.04"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/603","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and you can see very little upward trend","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1784.04,1786.77"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/604","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in Soviet grain production.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1786.77,1788.73"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/605","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The green line represents utilization.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1788.73,1790.59"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/606","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You can see a modest upward trend in utilization","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1790.59,1794.16"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/607","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as a result the Soviet Union is being required","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1794.16,1797.33"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/608","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to import substantial grain to meet the needs","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1797.33,1800.94"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/609","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of its consumers.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1800.94,1802.19"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/610","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I think a key question looking over the next","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1802.19,1805.24"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/611","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"five to eight years is whether the Soviet Union,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1805.24,1809.215"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/612","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because of economic pressures,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1809.215,1811.041"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/613","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"will be forced to deal substantially","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1811.041,1814.44"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/614","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"with those problems in agriculture?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1814.44,1816.95"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/615","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There is what appears to be a major change underway","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1816.95,1820.52"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/616","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"right now in leadership in Soviet agriculture.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1820.52,1823.79"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/617","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Just this past week,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1823.79,1825.51"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/618","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"there was a meeting of top agricultural officials,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1825.51,1828.66"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/619","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a review of plans to divert some of the Northern","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1828.66,1832.06"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/620","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"flowing rivers to the South","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1832.06,1834.07"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/621","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and use that water for irrigation purposes,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1834.07,1836.26"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/622","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to expand the farmland base in the Soviet Union.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1836.26,1839.218"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/623","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Those are very expensive projects.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1839.218,1841.96"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/624","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Remains to be seen, whether even those","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1841.96,1844.62"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/625","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"would solve the Soviet production problems","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1844.62,1846.81"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/626","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that appeared to come from difficulties in timing,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1846.81,1850.59"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/627","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"coordination of cropping operations, and that sort of thing.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1850.59,1854.218"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/628","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The past record for the Soviet Union","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1854.218,1856.506"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/629","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"says that we probably should not expect","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1856.506,1860.195"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/630","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that area to make major strides in grain production","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1860.195,1863.6"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/631","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the near future.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1863.6,1864.69"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/632","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's probably going to continue to be a significant","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1864.69,1867.9"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/633","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and highly variable market for our grains","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1867.9,1871.39"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/634","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"over the next few years.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1871.39,1872.983"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/635","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And then, I'll look at some other areas","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1874.8,1877.111"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/636","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that we have not seen on this chart.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1877.111,1879.993"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/637","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I think we can separate these into first of all,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1882.84,1885.29"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/638","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"areas where there's a high probability","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1885.29,1887.24"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/639","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of continued growth, growth probably being maintained","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1887.24,1891.58"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/640","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at a rate similar to what we've seen","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1891.58,1893.27"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/641","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the last two or three years.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1893.27,1895.22"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/642","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There, we're thinking particularly","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1895.22,1896.79"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/643","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the Pacific Rim countries, Japan, Korea, Taiwan,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1896.79,1901.451"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/644","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"some of the other neighboring countries","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1901.451,1903.41"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/645","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in that part of the world.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1903.41,1904.823"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/646","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The Mid East world oil markets are somewhat depressed","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1906.31,1910.89"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/647","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at this time and appear to be headed slightly lower,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1910.89,1914.8"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/648","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but even at current price levels,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1914.8,1918.03"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/649","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the economies are relatively healthy","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1918.03,1920.0"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/650","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in those oil exporting nations.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1920.0,1921.66"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/651","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I would expect some continued growth","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1921.66,1924.287"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/652","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in farm product demand and in those areas.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1924.287,1927.493"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/653","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And then also Mexico that I mentioned earlier,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1929.06,1931.553"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/654","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"areas where growth is questionable.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1932.48,1935.06"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/655","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, we talked about the Soviet Union.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1935.06,1937.01"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/656","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I'm not sure that we can expect sustained,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1939.28,1942.349"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/657","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"large growth in that area.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1942.349,1945.575"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/658","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I would think more in terms of a relatively flat","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1945.575,1948.83"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/659","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"export pattern, but with considerable","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1948.83,1950.89"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/660","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"year-to-year variability and perhaps five to eight years","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1950.89,1954.17"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/661","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"down the road with that market,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1954.17,1955.89"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/662","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"actually beginning to shrink a little bit","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1955.89,1957.56"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/663","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as the Soviet Union comes to grips","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1957.56,1959.46"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/664","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"with its production problems.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1959.46,1961.133"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/665","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And then Eastern Europe,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1962.72,1965.21"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/666","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"similar pressures in Eastern Europe.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1965.21,1967.553"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/667","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Africa, area of major food needs right now,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1969.06,1973.96"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/668","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"primarily food grain needs.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1973.96,1976.42"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/669","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The limiting factor there is purchasing power,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1976.42,1978.993"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/670","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it appears to me that there are not major resources","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1980.34,1984.38"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/671","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that are likely to be committed beyond","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1984.38,1986.85"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/672","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"what's being committed right now for large-scale","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1986.85,1989.45"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/673","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"food aid programs.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1989.45,1991.23"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/674","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So, I see that as a potential 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standpoint,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1995.7,1997.82"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/677","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"whether that's going to expand sharply from where we are.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=1997.82,2001.163"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/678","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And in areas of increased production or competition,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2002.52,2006.076"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/679","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Brazil and Argentina would be the, the major ones there.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2006.076,2010.6"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/680","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And keep in mind that the strong 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levels,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2031.86,2034.22"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/689","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"reduced its export taxes are on farm products,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2034.22,2037.41"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/690","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"apparently as a first step in a 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exports,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2043.36,2045.71"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/693","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to help meet those debt repayments.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2045.71,2048.84"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/694","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And then lastly, people I talk with in the grain trade,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2048.84,2053.34"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/695","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"especially from the winter wheat areas,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2053.34,2055.313"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/696","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"tell me that it's probably only a matter of 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U.S.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2061.796,2064.28"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/699","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"specially in the Southern Plains.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2064.28,2066.28"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/700","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Chances are the yields are not going to 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now.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2070.9,2074.56"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/703","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And it it's likely that some of that wheat","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2074.56,2077.87"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/704","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"will be used increasingly as a livestock feed,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2077.87,2080.579"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/705","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"somewhat competing with Iowa corn and soybeans.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2080.579,2084.23"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/706","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Wheat has a higher protein content than 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it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2089.36,2091.543"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/709","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The last chart that I'd like to use here","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2092.69,2097.48"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/710","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is to give you a perspective on the marketing 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sessions,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2103.78,2105.865"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/713","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we'll go into more detail on this part of the problem,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2105.865,2110.729"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/714","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but the variability we've seen in the grain markets","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2110.729,2115.16"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/715","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in recent years has been a major element","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2115.16,2118.94"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/716","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in financial stress of Iowa farmers.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2118.94,2121.4"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/717","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"For example, the last four years,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2121.4,2124.27"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/718","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"if you look at all of the marketing 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years","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2128.079,2131.67"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/721","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"translated for a mid-sized cash grain operator,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2131.67,2134.96"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/722","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"about 600 acres, translated a potential variation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2134.96,2138.71"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/723","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in net income of 45 to $50,000.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2138.71,2142.95"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/724","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Depending on which end of those pricing opportunities","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2142.95,2145.991"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/725","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the crop was marketed at.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2145.991,2148.81"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/726","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, we've pulled out here a 500 acre soybean operation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2148.81,2153.715"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/727","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We just illustrated it with soybeans to make","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2153.715,2157.34"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/728","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the arithmetic simpler.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2157.34,2159.41"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/729","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You could come up with similar results with corn.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2159.41,2162.52"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/730","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And what we've looked at here is,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2162.52,2165.8"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/731","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to try and give you an impact of the importance","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2165.8,2169.0"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/732","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of production efficiency and marketing,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2169.0,2172.58"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/733","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"effective marketing in dealing with financial problems","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2172.58,2176.84"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/734","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that are out there in agriculture.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2176.84,2178.401"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/735","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"These charts that Neil Harl showed you this morning","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2178.401,2181.08"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/736","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"were based on an assumed average gross return","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2181.08,2185.05"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/737","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on investment of about 4%.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2185.05,2187.12"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/738","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well with effective marketing,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2187.12,2189.46"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/739","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we can do a great deal better than that,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2189.46,2191.15"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/740","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or at least that has been the case in the recent past.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2191.15,2194.253"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/741","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We have two different strategies here.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2196.597,2199.983"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/742","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We have basically an average production management","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2201.72,2206.65"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/743","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and average marketing type of strategy,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2206.65,2208.87"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/744","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and then a top production management,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2208.87,2210.61"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/745","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"top marketing strategy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2210.61,2212.38"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/746","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And we're exploring in this table,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2212.38,2215.22"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/747","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the impact that would have on net cash flow","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2215.22,2219.22"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/748","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for this 500 acres of soybeans.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2219.22,2221.453"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/749","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I call your attention to the left-hand columns,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2222.867,2225.85"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/750","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"looking at pricing opportunities that were available,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2225.85,2228.5"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/751","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the harvest time price.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2229.48,2231.063"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/752","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"For example, for a 1981, we had a $5.92 harvest time price.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2232.19,2237.19"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/753","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And we had pricing opportunities of $7.70","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2238.96,2242.81"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/754","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"per bushel, with a fairly sophisticated marketing plan","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2242.81,2246.89"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/755","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that included use of the futures markets.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2246.89,2249.513"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/756","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And you can see on down the list on the 1984 crop,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2250.35,2254.13"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/757","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it's currently coming to market priced at about $6 a bushel.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2254.13,2257.92"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/758","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There were some pricing opportunities available","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2257.92,2261.72"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/759","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"more than a year ahead of the time that that crop","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2261.72,2264.79"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/760","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is being harvested, that could have generated","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2264.79,2268.4"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/761","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"well over $8 a bushel.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2268.4,2270.277"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/762","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, if you'll look at the right hand, two columns.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2270.277,2274.963"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/763","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the one that's labeled average yields,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2278.46,2281.863"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/764","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"what we have there as kind of an average marketing,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2281.863,2284.89"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/765","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"average production management situation,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2284.89,2287.543"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/766","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and you can see year by year,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2288.53,2291.49"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/767","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the deficit that was run up with this kind of an operation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2291.49,2295.99"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/768","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"incidentally, this is what we call a modestly","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2295.99,2298.33"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/769","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"leveraged operation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2298.33,2299.43"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/770","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That means we have cash flow costs per bushel","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2299.43,2302.19"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/771","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"with a normal yield situation, running $8 a bushel.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2302.19,2306.69"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/772","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And that's the equivalent probably to a farmer","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2306.69,2310.51"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/773","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"who has purchased about 20% of his land base","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2310.51,2315.36"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/774","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"near, or at the top of the market","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2315.36,2317.831"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/775","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and has the other 80% of it owned basically debt-free.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2317.831,2322.831"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/776","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So, you don't have to be very highly leveraged","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2323.8,2325.5"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/777","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to get that soybean cashflow up at $8 a bushel.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2325.5,2328.523"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/778","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, the extreme right-hand column","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2330.56,2333.05"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/779","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is what we called a top management strategy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2333.05,2336.772"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/780","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We figured an average yield, kind of a normal yield,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2336.772,2340.82"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/781","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"with average management being about 38 bushels per acre.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2340.82,2344.57"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/782","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And so, we raised the question,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2344.57,2345.8"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/783","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"what happens if this individual does everything right","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2345.8,2348.57"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/784","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on the production side, in terms of timing of operations,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2348.57,2351.74"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/785","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"weed control, variety selection, fertilization,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2351.74,2354.451"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/786","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"minimizing harvesting losses,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2354.451,2356.8"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/787","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and is able to get that yield up to 46 bushels per acre?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2356.8,2361.47"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/788","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The effect there is that he spreads fixed costs","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2361.47,2364.25"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/789","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"over more bushels,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2364.25,2365.16"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/790","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and he lowers the cost per bushel.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2365.16,2367.31"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/791","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And also increases the total revenue,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2367.31,2369.27"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/792","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because he has more bushels to sell.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2369.27,2371.41"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/793","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, taking the top management strategy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2371.41,2373.66"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/794","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The extreme right-hand column shows the year by year","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2373.66,2376.38"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/795","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"impact on net cash flow.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2376.38,2378.36"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/796","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You can see the bottom line, $28,600 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deficit","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2390.98,2393.36"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/801","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that's building up.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2393.36,2394.44"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/802","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It says, top production 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columns,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2403.81,2406.99"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/805","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the one labeled average yield,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2406.99,2409.8"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/806","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you can think of that as a top marketing management","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2409.8,2413.84"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/807","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and average production management situation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2413.84,2416.58"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/808","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And if you look year by year,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2416.58,2418.05"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/809","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you can see large deficits being built up","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2418.05,2420.937"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/810","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and see about a $49,000 total deficit over that time period.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2420.937,2425.77"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/811","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So, that's telling you marketing alone","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2425.77,2428.97"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/812","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"has not been able to do the job financially","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2428.97,2431.08"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/813","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for this operation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2431.08,2432.42"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/814","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And then as you look at the next column over to the right,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2432.42,2435.29"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/815","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we put the top marketing,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2435.29,2436.494"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/816","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"top production management together,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2436.494,2438.637"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/817","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and you can see that we did run a significant","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2438.637,2442.49"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/818","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"positive bottom line there.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2442.49,2444.01"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/819","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Positive cash flow over the four years of about $69,000.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2444.01,2449.01"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/820","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, we did this for illustration,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2449.18,2450.87"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/821","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"just to point out to you,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2450.87,2452.32"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/822","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"some of the kinds of financial pressures,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2452.32,2455.219"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/823","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"management pressures, in the financial and marketing area","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2455.219,2458.747"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/824","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and production management area,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2458.747,2460.314"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/825","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that are currently facing Iowa farmers.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2460.314,2463.91"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/826","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I think those pressures for that kind of 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years.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2471.02,2472.61"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/829","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And it suggests to me that that farmers are going to have","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2472.61,2477.61"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/830","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to look very seriously at the marketing area","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2477.64,2480.58"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/831","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at some of the various tools that are available.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2480.58,2482.67"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/832","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We have starting this week,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2482.67,2483.84"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/833","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a new options market in Chicago Board of Trade,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2483.84,2487.17"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/834","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that's kind of a price insurance market.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2487.17,2489.24"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/835","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That's another tool that we have available","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2489.24,2491.17"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/836","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to deal with these financial problems.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2491.17,2494.1"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/837","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I suspect that to get agriculture out of its","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2494.1,2499.1"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/838","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"current difficulties, it's going to take a combination","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2499.26,2502.52"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/839","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of a number of things, including some very aggressive","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2502.52,2506.61"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/840","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"government programs, top priority being to reduce","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2506.61,2509.76"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/841","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that federal deficit, reduce interest rates,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2509.76,2513.73"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/842","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"generate some additional demand,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2513.73,2515.47"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/843","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"weaken the dollar to a more competitive level","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2515.47,2518.03"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/844","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in world markets.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2518.03,2519.19"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/845","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's going to take these kinds of tools","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2519.19,2521.95"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/846","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on a production and marketing management area","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2521.95,2524.56"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/847","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for the individual farmer.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2524.56,2526.43"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/848","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's going to probably take a combination of those things","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2526.43,2528.97"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/849","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"over the next several years","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2528.97,2530.25"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/850","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to deal with the kind of financial problems","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2530.25,2533.33"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/851","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"facing agriculture.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2533.33,2534.623"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/852","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So Charlotte, do we have a few minutes for questions?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2535.64,2540.065"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/853","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e Yes, I think so.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2540.065,2541.55"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/854","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e Yes.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2541.55,2542.6"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/855","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e We have these real draggy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=2542.6,2544.643"}]},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280","type":"AnnotationPage","label":{"en":["English [Transcript]"]},"items":[{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31280/annotation/856","type":"Annotation","motivation":"subtitling","body":{"type":"TextualBody","value":"https://d9jk7wjtjpu5g.cloudfront.net/file_transcripts/associated_files/000/031/280/original/AV203428_The_Future_in_Focus_a.vtt?1627039821","format":"text/vtt","language":"en"},"target":"https://d9jk7wjtjpu5g.cloudfront.net/file_transcripts/associated_files/000/031/280/original/AV203428_The_Future_in_Focus_a.vtt?1627039821"}]},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31281","type":"AnnotationPage","label":{"en":["AV203428_The_Future_in_Focus_a.txt [Transcript]"]},"items":[{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198/transcript/31281/annotation/857","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"- Dr. Robert Wisner is professor of economics at Iowa State University. I read something he says at least once a week in the Ames Tribune. So, I know that he is quoted quite frequently in terms of recommending, predicting the possible prices and so on, for grain commodities particularly. He has his two first degrees from Michigan State University and his doctorate from Tennessee. He was employed at Iowa State, he's been employed at Iowa State University since 1967. In the 1970s, he was on a soybean marketing team in Western Europe and Yugoslavia as a part of a USDA American soybean association team effort to study the situation. In 1973, he had a senior position with the U.S. Cost of Living Council in Washington, DC. And in 1979, he was on a program in the United Kingdom with the United Kingdom feed technologists to discuss grain and oil seeds. Since 1980, he has been partly, I don't know entirely, but partly employed by, in the task of preparing an annual report on world food trade and U.S. agriculture. The fourth annual edition, there have been four now. The first one in 81, the second 82, et cetera. And this is available, it was available to some of you by mid September. So,when it came off the press, if you have not gotten one of these and would like to have it, I'm sure there are copies out in the hall. He is employed as extension grain marketing and outlook economist at Iowa State University. Dr. Wisner, we're pleased to look forward to what you are going to tell us about the future and focus from a realistic point of view.\r\n\r\n- Thank you very much, Dr. Roderick. I find the real challenge here this morning in following such a distinguished speakers that you've been listening to earlier. As I understand my assignment, it's to put in perspective with some international dimensions on the current situation facing agriculture and, and most importantly, to share some thoughts with you on what's ahead for the next few years. And I might say, first of all, that we face an almost incredible dilemma in agriculture. It looks something like this, in corn we've just come off from a record marketing year, average price. That price was partly the result of the most aggressive acreage idling farm program that we've had in the history of this nation. Despite that financial problems in agriculture appear to have worsened. We have lost about one fourth of our export market for corn and soybeans in the last three years. And along with that, we have some very critical food shortage problems in Africa. Now putting all that together, the picture that we're seeing right now is, number one that current farm prices are inadequate to cover all of the various costs that farmers are facing in their production operations, particularly those that are heavily indebted. And the other side of that is that current prices are too high to allow our products to be competitive in world markets. So, we're in a real dilemma there. Part of that dilemma is as a result of some monetary and fiscal policies in this country that are contributing to a very strong U.S. dollar. I heard a question raised earlier this morning, \"Can we devalue that dollar?\" We did at once, in fact, a couple of times in the early 1970s. Well, we have a different situation entirely this time in world currency and exchange rate markets. Back in the early 1970s, we had the dollar tied to gold. So, we were able to devalue the dollar by untying that linkage. The dollar now is, you know, floating exchange rate, it's market determined. The reason that a dollar is so high, is it foreign investors like our high real interest rates in this country, which are several percentage points higher than Europe and Japan, and the dollars are flowing into the U.S. to earn those real interest rates. And it seems to me that until we get at the deficit problem, as previous speakers have mentioned, there's probably not going to be any major lasting relief from that strong dollar. Now, the strong dollar has several negative dimensions, some of which were mentioned this morning, and some of which were not. It does have one positive dimension for the rest of the world. I'll mention the positive dimension first, strong dollar means that imports into the United States are relatively inexpensive. And as you relate that back to developing countries, that means that it is opening up some markets here in the U.S. that might be very difficult for those countries to tap into otherwise. So, it is helping to regenerate some demand in some of the developing nations. And in that way, it does have a positive impact on the global debt problem. I'm not sure that it offsets the high real interest costs, at least not fully. The negative dimensions come partly from the high cost of our products overseas. And to give you an illustration of that, in the case of soybeans, we're looking at $6 per bushel, soybean prices locally at the present time to our producers, those prices look very low in relation to their costs, to the foreign buyer. After making the translation from their local currencies into dollars, those prices look more like eight to $11 beans. And as a result that has greatly curtailed our export demand. The impact is greatest on soybeans, because we're much more dependent on world markets for soybeans and we are for corn, but it's affecting both of those crops. With the drop in total exports the last few years, there has been a concerted government effort to counter that with a fairly aggressive government export financing program. Historically up until three years ago, only a few percentage points of our total agricultural exports were financed through government programs, primarily through the PL-480 program that started back in the, in 1954. But in the last three years, those government export financing programs have been stepped up aggressively to the point where about 20% of our total exports, about $1 out of five of our AG exports is government financed. And that still hasn't reversed the trend. So, that gives you some idea of the tremendous pressures that are there in the international dimensions, partly, but not entirely coming from the strong dollar. The picture that I get in reviewing what's happening in the world scene, what's happening in our financial markets here, the exchange rates, suggest to me that the next two or three years are going to be very difficult, for agriculture from a market environment standpoint, it's hard to see very much light at the end of the tunnel, at least in that two or three year period. Some people are saying they think they see a glimmer of light down there, but they're not sure, but it might be an oncoming locomotive. Now, there are some things a little further down the road, the three to five-year perspective. And beyond I think can cause us to be somewhat more optimistic about agriculture. And also, my personal impression is that regardless of who is elected that the, after the first of the year, there's going to be high priority given to tackling that deficit in one way or another. It's unlikely that we'll solve that problem overnight. I am hearing from our contacts in Washington DC, that the present administration has been looking at a number of tax alternatives, including restructuring the tax system. There has been talk of a federal sales tax, a value added tax, such as Western Europe has had for a number of years. And to me that suggests that there is concern behind the scenes in Washington with dealing with that problem. And as there are some efforts made after the first of the year, this may eventually set the stage for some relief from that strong dollar and the high interest rates. Charlotte, if we could have the first slide. I'd like to push the bar, the orange bar there in front. To give you some historical perspective. This is not the first time that U.S. agriculture has been through problems of this sort. We have on the chart here, Chicago annual ranges of cash corn prices, the high and the low price for the year since 1900. And you can see that we'd been in a period of volatile prices several times during this century, you can see the 1890 period, which is at the far left of the chart, we had a period of strong prices and followed by a collapse in the corn market. We had a high and volatile price for corn in the teens. And of course, again, in the late forties and early fifties, and the one difference between the most recent period and those earlier ones is that it has gone on much longer. We've had 11 years now, those high and volatile prices, the late forties, early fifties, we had only a seven year period before we moved out of that. There are some similarities. Those earlier periods generally were related to strong export demand, war related, whereas the most recent period was not directly related to a wartime demand. You can see what has followed. And I think the critical question for agriculture is whether we're coming out of this current period and whether we're likely to, to follow the similar path that we've had in previous periods after high and volatile prices? There are a lot of unknowns there. I think our monetary and fiscal policy will have a great deal to do with the exact trend of prices as we come out of this period. But it does appear that there are some deflationary pressures there working into the market. I'd like to look also at what's happening in our domestic situation in agriculture, just some broad, general trends that relate both to grain and livestock with the next chart, if we could have that. We have here to look at, per capita consumption of poultry, pork and beef since the mid 1950s. And this has considerable impact on cash grain producers. You can see that in the last few years, we have had a distinct decline, a fairly sharp decline in per capita beef consumption. We're not quite sure what all is behind that decline. There may be some health concerns. We suspect that economics is a fairly important factor there. Those high interest rates are having a negative impact on consumer finances and housing, high energy costs have been involved. And some other things that are competing in that consumer budget with meat. Another factor here is what's been happening in, in labor input per unit of meat output. I saw a chart last week showing what's happened since the 1930s, and we've had a very dramatic decline in labor requirements per unit of output in broiler production. And I suspect that that has been a factor causing broiler prices to increase over time, less than the other red meats. Well, you can see the upward trend in broiler production. One of the things this does for cash grain producers is to somewhat shrink the domestic demand for grain, even though per capita meat consumption, total meat consumption, may be holding fairly constant or even increasing slightly. Broilers can be produced with fewer pounds of grain per pound of meat than either pork or beef. And so that's one of the impacts that comes back and it's stabilizing domestic demand for grain. What's ahead for the next several years, I would expect the same long-term pattern of consumption of poultry versus other meats to continue. Poultry industry has been working very aggressively in developing new products that will fit the fast food establishments that will provide reasonably easy to cook types of products for the consumer. Well, if we take a look on the, in other words, the general picture I'm getting here is a relatively static domestic demand for grain and in livestock feeding. That is our biggest market for corn, currently we feed about twice as much corn as we export. And we don't see very much growth potential ahead in that market. On top of that, we have a slow growth of population. If you look at the developing, or the developed market economies as a group population growth in the early 1960s was one and three quarters percent a year. And by the end of the 1970s that had slipped to half a percent per year, population growth. The U.S. population trends have followed that same pattern. There is one area where we are seeing some growth in domestic markets, and that is in processing demand. We have some government policies in the sugar industry, plus the technological development that have encouraged rapid development of, and acceptance and use of high fructose corn sweeteners as a sugar replacement. We've had rapid growth there. We've had some growth in the alcohol fuels industry. We'll have a one cent greater tax benefit in our motor fuel tax. Our federal motor fuel tax come January one, than what we've had recently, and that should provide some additional incentive for alcohol fuels production. Those are some growth areas that are not a tremendously big market, but they probably will be trending up in the years ahead. I'd like to look next at what's happening on the production side, in terms of production efficiency, a longterm look there at the Iowa average corn yield. That seems to be about as good as we can focus the projectors. I hope you can read that chart. If you notice--\r\n\r\n- I want people to be able to see it.\r\n\r\n- You'll notice our regression equation there, which reflects the long-term trend in yields since 1950. And I'll call your attention to the 2.04 times X that tells us that the longterm upward yield trend is just over two bushels per year in Iowa. Now there's some question of whether we're deviating from that trend, and have deviated in the last few years, my thinking would be that growth rate probably has slowed down, but it's going to continue to some extent for the next several years. Also, I circled several yield levels on the chart that illustrate to you the amount of yield variability and weather variability that's been present in the 1970s and early 1980s, contrast that with the yields, very close to the trend line back in the late fifties and sixties. And to me that suggests that weather probably has become somewhat more variable in recent years. We'll see those same kinds of patterns showing up as we look at some yields for three or four other important areas. That yield variability has contributed a great deal to price variability in grain markets. If we could have the next chart. It shows you what's been happening to U.S. corn yields. A similar pattern to Iowa, the annual yield increase has been just slightly higher at the national level than it has here in Iowa for some reason, but other than that, the pattern is very similar. And next to look at the soybean yield here in Iowa, you can see there too, we've had an upward trend. It appears to me that that upward trend is still intact. Although we have had more variability from year to year in recent times than in the past. So, putting those two charts together, the corn yield, soybean yield suggests to me that our productive capacity in agriculture is likely to continue to work up at a time when we're facing a static to actually declining demand. Now, at the present time, we have excess production capacity nationwide in corn, something like 12 to 14%. And probably seven to 9% in soybeans. And somewhere close to that range for wheat. Now those are not extremely large excess production capacity levels, but keep in mind, that's at current prices. If the price goes up, we'll do two things. We'll tend to shrink demand and we'll tend to increase production. So, at higher prices, production capacity would be somewhat greater. At lower prices, we would have the reverse effect to some extent. Okay, I'd like to shift attention now to what's been happening on the international scene. And first to look at corn exports since the turn of the century, just to, just to give you some historical perspective, we have had a great deal of volatility in corn exports in times past, you can see, for example, in the 1910s, we had something like 175 million bushels of corn exports in that World War One and immediately post World War One period, and then dropping very sharply. And that corresponds with the decline in the corn prices that you saw on an earlier chart. The volatility in grain exports is not entirely new in other words. Then if we could look at the next chart, here's our corn exports by destination since the early 1960s. And I'll call your attention to the top of that chart that we are down about 24% from our peak level of exports was in, which was in 1980, 81. And the 1983, 84 data are not available yet, but the total exports for this marketing year we've just finished, will be just about the same as the year before down, roughly one fourth from the peak. The red area is our corn exports. The Soviet Union, it's an important market, but by no means the most important. You can see that one has been highly volatile. Soviet Union has had major crop problems this year, and we anticipate substantial growth in that market in the year ahead, but probably in a foreseeable future, it will continue to vary substantially from year to year. As you look at the lower portion of the chart, you can see exports to Western hemisphere countries. Mexico is a major part of that market. You can see that it has declined some from the peak. Mexico is making inroads on its financial problems. There is hope that it will gradually recover from those difficulties, but it still is faced with pressure to limit imports. Its crops are somewhat better this year than last year. The indication that we're getting from Mexico are that that market will shrink a little bit in the year ahead. Four, or five, six years down the road, as Mexico begins to recover from its debt burdens. I think we can anticipate fairly significant growth in that area. Second group of countries up from the bottom is the European Community. And note, that market has just shrunk drastically. Six or seven years ago it was our biggest overseas market for corn this year, which is not shown on the chart, European Community for this first time will be a net corse grain exporter. That means it has come full circle from being our biggest overseas market just a few years ago, to being a major competitor in world feed grain markets. We'll take a look in a moment at what's behind that trend. The next group of countries up, still a relatively healthy market. And then the last upward blue arrow there points to the East European markets. You can see that as an area that has shrunk dramatically. The problem there is primarily debt burdens, which have slowed economic growth, inability to obtain new credit, to buy grain. And we don't see a great deal of relief in that area, in the near future. As you move on up to the rest of the chart from the Soviet Union on up, most of those markets appear to be reasonably healthy and probably will continue to grow over the next several years with one exception. And that exception is the People's Republic of China. That's, let's see. This area right here. And we'll take a look in a moment at what's been happening to yields and production in People's Republic of China. There've been dramatic strides there in grain production to the point where the People's Republic, this fall for the first time in many years has been selling corn and soybeans to a number of countries. Now this may be a somewhat temporary situation and the quantities involved are not large, but it suggests to us that the grain supplies have improved considerably in adequacy there in the last year or two in fact, the last few years. So, if we could have the next chart, what I would like to focus your attention on now is three or four major areas. More detailed look at what has been happening to production and utilization trends in these three or four areas. Keep in mind the areas we're going to be looking at are European Community, China and India. Those three areas account for nearly half of the world's population. The European Community notice first, the dashed line across the bottom of that chart shows a relatively static domestic consumption of grain. It reflects a very slow population growth, a mature economy that has not been growing very rapidly. It has been restrained partly in recent years by the strong U.S. dollar and the need for high interest rates in those economies to be defensive, defending their exchange rates against further upward pressure of the dollar. And then as you look at the production trend, you can see that has increased fairly dramatically in recent years. I drew in a trend line there to approximate the recent growth rate. Just contrast that with a relatively flat trend in consumption, and you can see why that area has come into a net feed grain exporting position. One of the developments behind that upward trend in grain production, from what we hear from the grain trade is the introduction of high yielding hybrid wheats. We're seeing, for example, an average wheat you'll this year in France, of about 95 bushels per acre. Compare that with about a 38 bushel average for the U.S. Moisture conditions are more favorable for wheat production in France than they would be in our Plain's States here in the U.S., but those high yielding wheat varieties have come in very rapidly. They're being grown to a large extent for feed purposes, both for export and domestic use, and they're competing with U.S. corn. And that has given us a technological upward shift in production. I think we're probably approaching the full impact from that upward shift. And as we look over the next several years, I would expect production growth to be somewhat slower there than it has been in the recent past. So, that tells us, longer term, we may see some relief from competition from the European Community. Near term, the competition is being intensified by the strong dollar. The strong dollar has pulled our wheat and corn prices up to the point where the European Community can export with almost no subsidy. Three or 4 cents a bushel is the subsidy rate they've been using recently. Three years ago, they were subsidizing wheat by $2 a bushel to move it into world markets. Okay, if we could have the next slide? Here's a look at what's been happening in China. You'll notice the green line is production, and you'll notice that there has been a significant upward trend in recent years. You'll notice also that consumption has been trending upward, but looking at those blue arrows, you can see the gap between consumption and production has narrowed considerably. China is still an importer of wheat, even though it is selling small quantities of corn and soybeans this year. What's behind that upward trend? China in the late 1970s provided some reforms to their agricultural system with some economic incentives to farm workers. They aggressively moved into production of new fertilizer plants and the increased use of fertilizer, increased varieties and appears that is having significant effect. And the demand growth has been somewhat restrained by priorities given to industrial development in China. And I would expect those trends to continue over the next few years. Basically with some further increase in domestic production, looking at corn yields in China averaging about half as large as they are here in the U.S. So, that suggests to me that probably we should not consider China as a major growth market in the next few years, longer term as its industrial economy develops it could be significant growth down the road in that market. And then lastly, I'll look at India as an area that has made a substantial growth in production in the last several years. And the news headlines this morning are just a reminder to us of how the political stability in various developing countries is a very delicate situation. It seems to me that what's happening there politically has a very important bearing on Indian agriculture over the years immediately ahead. You can see the trend there. You can see the blue line representing total Indian utilization of grain, the dashed line representing production. You can see that the gap between production and utilization has been filled in the last few years. In fact, India, this year is selling small quantities of grain. Again, some of the same developments have occurred in India that we've seen in China, in terms of acceptance and utilization of new technology that has pushed up that yield level up significantly in recent years. India historically has not been a major importer of products from Iowa farms that primarily when they do import it would be food grains, but that has an impact on corn and soybean markets, because of the fact that outside the U.S. every year, a substantial amount of wheat is feed. So, if Indian wheat requirements increase, it pulls some of that wheat supply out of the feed grain market. If Indian wheat import requirements decline, more wheat is available worldwide to be fed, to compete with U.S. corn. Okay, the next chart is looking at an area that has not had very good success in increasing yields. This is the Soviet Union. Obviously a very critical market for the future of Iowa farmers. The black line shows you the variability in the Soviet Union's grain production through the 1970s. And you can see that this year's production is well below the record, and you can see very little upward trend in Soviet grain production. The green line represents utilization. You can see a modest upward trend in utilization as a result the Soviet Union is being required to import substantial grain to meet the needs of its consumers. I think a key question looking over the next five to eight years is whether the Soviet Union, because of economic pressures, will be forced to deal substantially with those problems in agriculture? There is what appears to be a major change underway right now in leadership in Soviet agriculture. Just this past week, there was a meeting of top agricultural officials, a review of plans to divert some of the Northern flowing rivers to the South and use that water for irrigation purposes, to expand the farmland base in the Soviet Union. Those are very expensive projects. Remains to be seen, whether even those would solve the Soviet production problems that appeared to come from difficulties in timing, coordination of cropping operations, and that sort of thing. The past record for the Soviet Union says that we probably should not expect that area to make major strides in grain production in the near future. It's probably going to continue to be a significant and highly variable market for our grains over the next few years. And then, I'll look at some other areas that we have not seen on this chart. I think we can separate these into first of all, areas where there's a high probability of continued growth, growth probably being maintained at a rate similar to what we've seen in the last two or three years. There, we're thinking particularly of the Pacific Rim countries, Japan, Korea, Taiwan, some of the other neighboring countries in that part of the world. The Mid East world oil markets are somewhat depressed at this time and appear to be headed slightly lower, but even at current price levels, the economies are relatively healthy in those oil exporting nations. And I would expect some continued growth in farm product demand and in those areas. And then also Mexico that I mentioned earlier, areas where growth is questionable. Well, we talked about the Soviet Union. I'm not sure that we can expect sustained, large growth in that area. I would think more in terms of a relatively flat export pattern, but with considerable year-to-year variability and perhaps five to eight years down the road with that market, actually beginning to shrink a little bit as the Soviet Union comes to grips with its production problems. And then Eastern Europe, similar pressures in Eastern Europe. Africa, area of major food needs right now, primarily food grain needs. The limiting factor there is purchasing power, it appears to me that there are not major resources that are likely to be committed beyond what's being committed right now for large-scale food aid programs. So, I see that as a potential market from a nutritional standpoint, but questionable from an economic standpoint, whether that's going to expand sharply from where we are. And in areas of increased production or competition, Brazil and Argentina would be the, the major ones there. And keep in mind that the strong dollar allows those countries to export their farm products more easily than would be the case with a weak dollar. It's a case where those countries are heavily indebted, they need those exports to meet their ongoing debt commitments. And they're probably going to capitalize on it. Argentina has just recently increased its domestic price support levels, reduced its export taxes are on farm products, apparently as a first step in a strategy to tap into the world market and to use farm product exports, to help meet those debt repayments. And then lastly, people I talk with in the grain trade, especially from the winter wheat areas, tell me that it's probably only a matter of time before those high yielding wheat varieties become adopted in the U.S. specially in the Southern Plains. Chances are the yields are not going to run 90 to 100 bushels per acre in those areas, but they may increase significantly from where we are now. And it it's likely that some of that wheat will be used increasingly as a livestock feed, somewhat competing with Iowa corn and soybeans. Wheat has a higher protein content than corn. As wheat is fed, livestock producers need less protein meal to supplement it. The last chart that I'd like to use here is to give you a perspective on the marketing environment, Iowa cash grain producers have faced in recent years. I presume one of the afternoon sessions, we'll go into more detail on this part of the problem, but the variability we've seen in the grain markets in recent years has been a major element in financial stress of Iowa farmers. For example, the last four years, if you look at all of the marketing alternatives available to Iowa farmers, the price of variability within each of those years translated for a mid-sized cash grain operator, about 600 acres, translated a potential variation in net income of 45 to $50,000. Depending on which end of those pricing opportunities the crop was marketed at. Well, we've pulled out here a 500 acre soybean operation. We just illustrated it with soybeans to make the arithmetic simpler. You could come up with similar results with corn. And what we've looked at here is, to try and give you an impact of the importance of production efficiency and marketing, effective marketing in dealing with financial problems that are out there in agriculture. These charts that Neil Harl showed you this morning were based on an assumed average gross return on investment of about 4%. Well with effective marketing, we can do a great deal better than that, or at least that has been the case in the recent past. We have two different strategies here. We have basically an average production management and average marketing type of strategy, and then a top production management, top marketing strategy. And we're exploring in this table, the impact that would have on net cash flow for this 500 acres of soybeans. I call your attention to the left-hand columns, looking at pricing opportunities that were available, the harvest time price. For example, for a 1981, we had a $5.92 harvest time price. And we had pricing opportunities of $7.70 per bushel, with a fairly sophisticated marketing plan that included use of the futures markets. And you can see on down the list on the 1984 crop, it's currently coming to market priced at about $6 a bushel. There were some pricing opportunities available more than a year ahead of the time that that crop is being harvested, that could have generated well over $8 a bushel. Now, if you'll look at the right hand, two columns. And the one that's labeled average yields, what we have there as kind of an average marketing, average production management situation, and you can see year by year, the deficit that was run up with this kind of an operation incidentally, this is what we call a modestly leveraged operation. That means we have cash flow costs per bushel with a normal yield situation, running $8 a bushel. And that's the equivalent probably to a farmer who has purchased about 20% of his land base near, or at the top of the market and has the other 80% of it owned basically debt-free. So, you don't have to be very highly leveraged to get that soybean cashflow up at $8 a bushel. Now, the extreme right-hand column is what we called a top management strategy. We figured an average yield, kind of a normal yield, with average management being about 38 bushels per acre. And so, we raised the question, what happens if this individual does everything right on the production side, in terms of timing of operations, weed control, variety selection, fertilization, minimizing harvesting losses, and is able to get that yield up to 46 bushels per acre? The effect there is that he spreads fixed costs over more bushels, and he lowers the cost per bushel. And also increases the total revenue, because he has more bushels to sell. Well, taking the top management strategy. The extreme right-hand column shows the year by year impact on net cash flow. You can see the bottom line, $28,600 deficit for those four years with this operation and that understates the deficit, because we don't have interest built in there that would accumulate year by year on the deficit that's building up. It says, top production management would not do the job financially for this operation. Now, if you look at the center columns, the one labeled average yield, you can think of that as a top marketing management and average production management situation. And if you look year by year, you can see large deficits being built up and see about a $49,000 total deficit over that time period. So, that's telling you marketing alone has not been able to do the job financially for this operation. And then as you look at the next column over to the right, we put the top marketing, top production management together, and you can see that we did run a significant positive bottom line there. Positive cash flow over the four years of about $69,000. Well, we did this for illustration, just to point out to you, some of the kinds of financial pressures, management pressures, in the financial and marketing area and production management area, that are currently facing Iowa farmers. And I think those pressures for that kind of management and marketing are going to be equally intense over the next several years. And it suggests to me that that farmers are going to have to look very seriously at the marketing area at some of the various tools that are available. We have starting this week, a new options market in Chicago Board of Trade, that's kind of a price insurance market. That's another tool that we have available to deal with these financial problems. And I suspect that to get agriculture out of its current difficulties, it's going to take a combination of a number of things, including some very aggressive government programs, top priority being to reduce that federal deficit, reduce interest rates, generate some additional demand, weaken the dollar to a more competitive level in world markets. It's going to take these kinds of tools on a production and marketing management area for the individual farmer. It's going to probably take a combination of those things over the next several years to deal with the kind of financial problems facing agriculture. So Charlotte, do we have a few minutes for questions?\r\n\r\n- Yes, I think so.\r\n\r\n- Yes.\r\n\r\n- We have these real draggy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46830/file/120198#t=0.0,2551.032"}]}]}]}